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FTC to Strengthen Financial Punishment against Intra-group Trading

FTC to Strengthen Financial Punishment against Intra-group Trading

SEJONG, May 25 (Korea Bizwire) — The nominee of South Korea’s corporate watchdog said Wednesday that the government will strengthen punishments against “funneling of business” practices within conglomerates as he pushes forward his pledge to establish fair trade. “It is necessary to intensify financial sanctions such as increasing fines against illegal intra-group trading,” Kim Sang-jo, [...]

S. Korea to Halt Benefits to Novartis Drugs over Illegal Rebates

S. Korea to Halt Benefits to Novartis Drugs over Illegal Rebates

SEOUL, May 25 (Korea Bizwire) — South Korea’s health ministry said Wednesday it will suspend providing benefits for nine variations of two drug types manufactured by the local unit of Novartis after the Swiss pharmaceutical giant was found to have been engaged in illegal kickbacks. For six months starting in August, local customers will have [...]

Policy Planning Panel to Explore Ways to Stamp Out Corruption in Defense Industry

Policy Planning Panel to Explore Ways to Stamp Out Corruption in Defense Industry

SEOUL, May 24 (Korea Bizwire) — The chief of the presidential policy planning advisory panel said Tuesday that it would explore ways to stamp out deep-seated corruption in the defense industry, long blamed for eroding the country’s military capabilities. During a regular press briefing, Kim Jin-pyo also said the panel would seek a “comprehensive” approach [...]

Notorious ‘ActiveX’ on its Last Legs in South Korea

Notorious ‘ActiveX’ on its Last Legs in South Korea

SEOUL, May 23 (Korea Bizwire) – Industry experts say Microsoft’s much-maligned ActiveX software may be scrapped and replaced with advanced technology such as biometric recognition under the newly elected Moon administration, after being slammed over its security vulnerabilities and widely viewed as plaguing the South Korean web with exhausting and complex online identification processes for [...]

Government to Regulate Oxygen Canisters Amid Burgeoning Sales

Government to Regulate Oxygen Canisters Amid Burgeoning Sales

SEOUL, May 23 (Korea Bizwire) – The South Korean government has decided to regulate the sale of portable oxygen canisters, which have become increasingly popular amid fine dust fears that have been gripping the peninsula.  According to the Ministry of Food and Drug Safety on Monday, a revision designating portable oxygen cans as “quasi-drugs” will [...]

KEPCO Pledges to Slash Fine Dust Emissions from Coal Plants by 50% in 5 Years

KEPCO Pledges to Slash Fine Dust Emissions from Coal Plants by 50% in 5 Years

SEOUL, May 22 (Korea Bizwire) – The Korea Electric Power Corporation (KEPCO) announced plans last Friday to reduce emissions of fine dust particles from its coal-fired power plants in South Korea by 50 percent over the next five years. KEPCO and five of its affiliates held an emergency conference last week at KEPCO Art Center [...]

Gov’t Eyes Operational Rules for UAVs

Gov’t Eyes Operational Rules for UAVs

SEOUL, May 19 (Korea Bizwire) – The government is moving to establish a set of integrated operational rules for unmanned aerial vehicles (UAVs) and piloted aircraft to ensure flight safety, the transport ministry said Thursday.  The Ministry of Land, Infrastructure and Transport said it will work with other government ministries and invest 30 billion won [...]

Antitrust Regulator to Scrutinize 4 Major Conglomerates: Nominee

Antitrust Regulator to Scrutinize 4 Major Conglomerates: Nominee

SEOUL, May 19 (Korea Bizwire) — The nominee to head South Korea’s antitrust regulator pledged Thursday to scrutinize four major conglomerates as he seeks to establish fair competition in Asia’s fourth-largest economy. “I will assess issues related to the four major groups in a more thorough manner when the Fair Trade Commission implements laws,” Kim [...]

Controversy Over Facebook’s Free Network Usage Continues

Controversy Over Facebook’s Free Network Usage Continues

SEOUL, May 18 (Korea Bizwire) – The row between South Korean internet provider SK Broadband and social networking giant Facebook continues following reports of connection issues for Facebook users on SK Broadband connections. With the country witnessing for the first time a clash between a foreign content provider and a telecom network over shared broadband network [...]

After Years of Criticism, Working Conditions of Apartment Janitors Finally Begin to Improve

After Years of Criticism, Working Conditions of Apartment Janitors Finally Begin to Improve

SEOUL, May 18 (Korea Bizwire) – Following years of criticism against the poor working conditions suffered by apartment janitors, who sometimes work up to fifteen hours per day, efforts to improve the situation are being reported across the country. A number of supportive measures at both the city and district level include a subsidy for construction [...]